DEA CAPITAL

COMPANY PRESENTATION

STAR CONFERENCE

LONDON, 22 OCTOBER 2019

646

11,700

2007 20182007 1H 2019

2

~ 200 professionals

Capability to structure and launchinnovative products

Deep knowledge of the Italianmarket

Independent platform and state-of-the-art compliance and riskmanagement

Focus on development ofAlternative Asset Managementthrough:

the pending QuaestioTransactions

opening of real estatesubsidiaries in Europe

Large international investors’network

Experienced management teamand reputable long termshareholders

Strong balance sheet

Key Strenghts

DEA CAPITAL AT A GLANCE

CAGR +28.7%

Credit and Special

Situations Funds

PE Thematic

Funds

Real Estate Funds

PE Direct Funds

PE FoF

€M

Consistently pursuing leadership in the Alternative Asset Management

through a wide range of traditional and innovative products

addressing different risk classes

«as reported»

DeA Capital manages the leading independent platform of Alternative Asset

Management Solutions focused on private equity and real estate funds in Italy

with AUM of around € 11.7 Bln

100%

3

~ 39%

NPL Management business unit

(AUM € 2.5 Bln)1

2

QUAESTIO TRANSACTIONS - PENDING

On 31st July 2019, DeA Capital S.p.A. signed a series of agreements with Quaestio Group and its main shareholdersaiming at the completion of two transactions in the coming months:

1. acquisition by DeA Capital Alternative Funds SGR(wholly owned by DeA Capital S.p.A.) of the NPLManagement business unit of Quaestio SGR (AUM €2.5 Bln)

2. acquisition by DeA Capital S.p.A. of a 39% stake inQuaestio Holding («QH»), parent company of thegroup (AUM € 7.5 Bln)

100%

AssetManagement

Liquid Funds

(AUM € 7.5 Bln)

PE Funds CCR Funds NPL Funds

100%

~ 39%

Liquid

Funds

DeA Capital AAM Platform will reach Combined AUM of over € 20 Bln

€ 9.2 Bln € 1.8 Bln € 0.7 Bln € 2.5 Bln

Real Estate

Funds

€ 7.5 Bln

70%

73%

Quaestio Transactions Framework

1

2

DeA Capital AAM Platform

4

ALTERNATIVE ASSET MANAGEMENT PLATFORM – AUM (€M)

8,5768,333

734548

1,0621,021

1,3571,255

1H 20191H 2018

11,15711,729

Real Estate

Credit

Private Equity

Non-paying

AUM

Fee-

paying

10,372

Fee-

paying

9,902

«as reported»

~20,000(*)

(*) Combined pro-forma including the completion of the Quaestio transactions

Quaestio Transactions

~ € 26 M

«as reported»+5.1%

«pro-forma»

1.691.72

1H 2019FY 2018

59.8 63.3

FY 2017 FY 2018

30.6

1H 2018

31.3

1H 2019

13.415.3

FY 2017 FY 2018

(#) Before the impact of Purchase Price Allocation («PPA»), impairment & other non-recurring items

NAV / Share (€) –pro-forma ex dividend 2019

Management Fees Net Operating Result (#)

KEY FINANCIALS (€M)

5

81.5

65.3

1H 2019FY 2018

+5.9%

+2.2%7.4

1H 2019

+8.8%

+14.2%

Holdings NFP –pro-forma ex dividend 2019

6.8

1H 2018

FUNDS’ RETURNS AS AT 30 JUNE 2019DEA CAPITAL S.P.A. STAKE (€M)

6

Fund VintageCapital

CallDPI TVPI NAV

IDeA I FoF 2007 150.2 1.1x 1.3x 28.9

IDeA OF I 2008 87.9 1.0x 1.2x 14.3

ICF II 2009 37.8 1.1x 1.8x 28.5

IDeA EESS 2011 24.3 0.9x 1.3x 9.4

ICF III 2014 9.3 0.0x 1.2x 11.6

IDeA ToI 2014 20.0 0.6x 1.4x 16.1

Subtotal 329.5 1.0x 1.3x 108.8

Other - - - 14.2

Total 123.0

210.0 0.81

46.7 0.18

123.0 0.47

55.2 0.21

4.4 0.02

1H 2019 Adj 1H 2019 Adj

183.7

46.7

123.0

81.5

4.4

1H 2019

Other Net Assets

Holdings Net Financial

Position

Indirect PE Investments

Direct PE Investments

AAM Platform

7

1H 2019

NET ASSET VALUE

439 1.69

«as reported» «pro-forma»(*)1H 2019

NAV (€M) NAV per share (€)

Quaestio Transactions

~ € 26 M

(*) Pro-forma including the completion of the Quaestio transactions

1.45 1.411.20

1.351.25

1.35

0.30

0.30

0.300.30

0.300.12

0.120.12

0.120.12

0.120.120.120.12

0.12

01-Oct-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 30-Sep-19

Last Price 2015 Dividend 2016 Div. 2017 Div. 2018 Div. 2019 Div.

1.711.62

1.89 1.91

1.45

2.13

TOTAL SHAREHOLDER RETURN AT 30 SEPTEMBER 2019

Solid shareholder return Stable dividend remuneration

(*) Performance from 1 October 2014 (GDS disposal closing date) to 30 September 2019 (Price 1.352 €/share)

Euro per share

+46.9%

vs LPX Composite TR Index +82.0%vs FTSE Italia All Share TR Index +30.3%

8

(*)

DEA CAPITAL

ANNEX1. ITALIAN NON PERFORMING EXPOSURE MARKET

2. INSTITUTIONAL AM MARKET

3. AAM PLATFORM

4. OWNERSHIP

10

1.1 NON PERFORMING EXPOSURE MARKET (“NPE”) - KEY

FIGURES AND TRENDS

The size mix implies the following split oftotal NPE GBV:

~55 € Bln (those > 5 € Mln) in NPEssuitable for a «single name» approach

~80 € Bln which are most likely to beaddressed with a massive approach

~45 € Bln (between 1 and 5 € Mln) inthe «grey area»

Sources: Bank of Italy Report - «Condizioni e rischiosità del credito», 2018; PwC – «The Italian UTP Market», May 2019 and«The Italian NPL Market», Dec. 2018; Banca IFIS «Marketwatch NPL», Jan. 2019; DeA Capital estimates

€ Bln

Gross Banks’ NPE in Italy

NPE GBV Size MixNPE Counterpart Mix

~

~

~

~

equal to ~84 € Bln of Net Book Valueof which:

- 51 € Bln UTPs

- 33 € Bln NPLs

Banks’ NPE180 € Bln GBV

Investors’ NPE

202 € BlnGBV

Total Banks’ + Investors’ NPE 382 € Bln GBV

11

10%22%

50%

68%80%

18%5%

15%

19%5%

62%51%

20%

8% 13%5%

6%

6%

2%4%16%

9% 5%

Banking

Foundations

Social Security

Funds

Pre-existing

Pension Funds

Professionals

Pension Funds

Insurance

Companies

Fixed Income Equity FIA/OICR Real Estate Other

2018 Institutional Investors’ Assets Asset Classes by Institutional Investors (€ Bln, %)

46 83 60 50 561

Total assets under management held by institutional investors at 2018 equal 861 € Bln,

accounting for about 49% of Italian GDP

CAGR 2007-2018 equal to 7.13%, moving from 404 € Bln in 2007 to 861 € Bln of total assets

in 2018

Total Assets: 861 € Bln

Banking Foundations

5%

Social Security

Funds10%

Pre-existing

Funds7%

Closed

Funds6%

Insurance

Companies65%

Other

7%

2.1 ITALIAN INSTITUTIONAL INVESTORS’ TOTAL ASSETS

Source: Itinerari Previdenziali 2018 Annual Report «Investitori Istituzionali italiani: iscritti, risorse e gestori per l’anno 2018»

(*)

(*) It does not include open pension funds (FPA), individual pension plans (PIP) and other welfare and healthcare plans that account for 66 € Bln (7% market share, as reported)

12Source: Itinerari Previdenziali 2018 Annual Report «Investitori Istituzionali italiani: iscritti, risorse e gestori per l’anno 2018»

0%

4%

4%

10%

20%

24%

26%

32%

68%

ELTIF

Hedge Fund

Gestioni Separate

Other

Real Estate AIF

Asset Management

ETF

Mutual Funds

AIF5.5

4.9

1.0

0.3 0.3

4.0

0%

5%

10%

15%

20%

25%

30%

35%

40%

QuaestioCapital

SGR

FondacoSGR

EurizonCapital

Azimut F2i SGR Other

Top 5 AIF managers for banking foundations

Overall Future asset allocation trend for institutional investors

2.2 ITALIAN INSTITUTIONAL INVESTORS – MARKET TREND

In the banking foundation market, Quaestio

SGR is the leading asset manager for

Alternative Investment Funds («AIFs»)

In the near future, institutional investors

identify AIFs as the preferred solution for

their asset management activity

€ Bln

Clear market opportunity for Quaestio Capital SGR to extend its asset

management activity to other segments of institutional investors’ assets

Italy’s #1 independent fund manager in Real Estate

High quality fund portfolio, focused on large Italian cities (about 70%

in Milan and Rome) and on offices/bank branches (~67% of total)(#)

– 67% of space is rented

More than 100 institutional investors – Institutional investors account

for more than 90%(°) of the funds’ investor base

Business development focused on:

Existing funds’ expansion

New core & value added initiatives

Product range expansion

Pen

sio

n

Fu

nd

sB

an

ks /

In

su

ran

ce

Com

pan

ies

Foreig

nIn

vesto

rs

THE COMPANY

TROPHY ASSETS

MAIN INVESTORS

KPI(*)

# Funds

48

AUM (€; Bln)

9.2

Mgmt fees (€; M)

40

(#) By value(°) Includes: Pension Funds, Insurance Companies, Sovereign Funds, Corporations and Banks(*) Data as of 30.6.2019 for AUM and # of funds; data as of 31.12.2018 for fees

3.1 DEA CAPITAL REAL ESTATE SGR

13

THE COMPANY

MAIN INVESTMENTS

MANAGED FUNDS

€ Mln Description Vintage Commitment

IDeA I FoF

Italian closed-end funds of PE funds with a global focus

2007 646

ICF II 2009 281

IDeA Global Growth

2013 55

ICF III 2014 67

AzimutPrivate Debt 2019 41

DeAEndowment

2019 73

Total Multi Manager 1,163

€ Mln Description Vintage Commitment

IDeA Opportunity Fund I

Italian closed-end fund invested in minority stakes of Italian

companies across different industries

2008 217

IDeA EESSItalian closed-end fund dedicated

to energy efficiency and sustainable growth

2011 100

IDeA Taste of Italy

Italian closed-end fund dedicated to the Italian food and beverage

industry2014 218

IDeA AgroItalian closed-end fund dedicated to mid and big size farms in Italy

2018 80

Investitori Associati IV

Italian closed-end fund originally promoted by Investitori Associati SGR and managed by DeA CAF

starting from 2015

2004 20(#)

Total Single Manager 635

€ Mln Description Vintage Commitment

CCR IItalian closed-end funds investing

in NPL/UTP of mid Italian2016 222

CCR IIcompanies and in DIP (Debtor-in-

possession) proceedings2017 512

Total Credit Funds 734

Total AUM 2,532

Mu

lti

Man

ag

er

Sin

gle

Man

ag

er

Cred

it

Fu

nd

s

KPI(*)

Mgmt fees (€; M)

23

AUM (€; Bln)

2.5

# Funds (°)

13

3.2 DEA CAPITAL ALTERNATIVE FUNDS SGR

14

DeA Capital Alternative Funds is the leading Italian private equity assetmanager which manages single-manager, multi-manager investmentprograms and, starting from 2016, non performing corporate creditfunds

With € 2.5 Bln of AUM, 43 professionals work daily to deserveinvestors’ trust both by maintaining timely relationships withinternational General Partners invested in more than 800 companiesthrough 80 funds worldwide, and by supporting management andentrepreneurs of 30 directly-participated companies, which employmore than 13,000 people and generate revenues for about € 3 Bln

More than 280 Limited Partners including both sophisticatedinstitutional investors and successful entrepreneurs repeatedly grantedDeA Capital AF their trust

A detailed reporting system, as well as direct access to the investmentteams, allow LPs to constantly track their investments

(#) Residual NAV after disposals(*) Data as of 30.6.2019 for AUM and # of funds; data as of 31.12.2018 for fees(°) Includes mandate to manage a portion of Azimut Private Debt closed-end fund established by Azimut Capital Management SGR

15

De Agostini

S.p.A.

67.1%

Treasury

Shares

2.5%

Free Float

30.4%

4.1 DEA CAPITAL OWNERSHIP

De Agostini is a family-owned private groupfounded in 1901 and active worldwide with over€4.8 Bln in revenues

During the last two decades, the De Agostini Grouphas gradually diversified its activities from thetraditional publishing sector to other sectors andsignificantly expanded its operations in marketsoutside of Italy

Today, the De Agostini Group, led by the holdingDe Agostini S.p.A., operates in four sectors throughfour sub-holdings:

De Agostini Editore – coordination andstrategic management of all the Group'sactivities in the publishing sector, active in 30countries with publications in 13 languages

De Agostini Communications – active in themedia and communication sector, focused inproduction, broadcasting, and distribution ofcontent for television, new media, and cinema

IGT – leader in the gaming and services market,listed on the New York Stock Exchange

DeA Capital – De Agostini Group's vehicle foralternative investments, listed on the MilanStock Exchange

Banijay Group(34.2%)

Atresmedia(20.9%)

JV Grupo Planeta-DeA

(50%)

(~1.7%)

De Agostini Publishing

De Agostini Scuola

Digital De Agostini

Lottery North America

Gaming North America

DeA Capital Alternative Funds

SGR (100%)

DeA Capital Real Estate SGR (100%)

Italy (Lottomatica)

(100%) (100%) (50.6%)

PublishingGrupo Planeta-DeA DeA Planeta Libri

PUBLISHINGCOMMUNICATION &

MEDIA

GAMING & SERVICES

FINANCE

(67.1%)

DE AGOSTINI GROUP

International

Yard (44%)

4.2 DE AGOSTINI GROUP

16

This presentation contains statements that constitute forward-looking statements regarding the intent, belief or

current expectations of the DeA Capital (“the Company”) with respect to the financial results and other aspects of

the Company's activities and strategies

Such forward looking statements are not guarantees of future performance and involve risks and uncertainties,

and actual results may differ materially from those in the forward looking statements as a result of various factors

Analysts and investors are cautioned not to place undue reliance on those forward looking statements, which

speak only as of the date of this presentation – DeA Capital Spa undertakes no obligation to release publicly the

results of any revisions to these forward looking statements which may be made to reflect events and

circumstances after the date of this presentation, including, without limitation, changes in the Company’s business

or investment strategy or to reflect the occurrence of unanticipated events

Analysts and investors are encouraged to consult the Company's Annual Report and periodic filings for accounting

information, as well as press releases and all documentation made publicly available on the website

www.deacapital.com

The Manager responsible for the preparation of company accounting statements, Manolo Santilli, declares in

accordance with paragraph 2 of article 154 of the Consolidated Finance Act that any accounting information on

DeA Capital included in this document corresponds to registered company accounts, books and records

DISCLAIMER

17